Five years ago Gerald invested $116,000 in a passive activity,
his sole investment venture. On January 1, 2019, his amount at risk
in the activity was $23,200. His shares of the income and losses
were as follows:
Year
Income (Loss)
2019
($34,800)
2020
(23,200)
2021
43,200
Gerald holds no suspended at-risk or passive activity losses at
the beginning of 2019.
If an answer is zero, enter "0".
c. Assuming Gerald has $50,000 income in 2021,
(and considering both at-risk and...